Remodeling projects provide two kinds of value to homeowners: resale value and subjective value. If you want to remodel your home because you plan to sell it in the near future, you probably want to maximize resale value. However, if you are embarking on a home improvement project because you simply want a more suitable home for your family, then your main concern is most likely subjective value. Check out the infographic below on what we believe are great projects for resale value and subjective value:
Now, here’s where things get tricky: subjective value can have an impact on the resale value of your home — have you ever heard the saying “beauty is in the eye of the beholder?” That is especially true in the real estate market, because certain renovations may be more valuable to one prospective buyer than another. It all depends on preference. But speaking purely in terms of return on investment (ROI), here are the three remodeling projects that recouped the largest percentages of their overall costs in 2019, as reported by Remodeling.net:
Garage Door Replacements
In 2019, homeowners who upgraded their garage doors recouped about 97.5% of their investments, on average. The average garage door replacement cost about $3,600 last year, but it’s easy to see why this investment stands above the rest in terms of ROI — it keeps another big investment, your car, safe from the weather and criminals, and in many cases, garage doors act as an entryway into the home.
Manufactured Stone Veneer
Manufactured stone veneers provided a robust 94.9% return on investment for the average homeowner who included them in home improvement projects in 2019. Stone veneers make the exterior of your home look both elegant and powerful, and are one of the most effective ways to quickly boost curb appeal. The average manufactured stone veneer project cost about $8,900 in 2019.
Minor Kitchen Remodeling (Midrange)
Minor kitchen renovations netted homeowners an average return of 80.5% of their investment in 2019, with the average job costing about $22,500. If you are wondering what defines a “minor” or “midrange” kitchen remodeling project, think about it this way: if the kitchen was completely gutted and no longer resembles its original shape, without any items being left in place or reused, that’s a major kitchen remodel. Minor kitchen remodels may involve substantial improvements like new counters, floors, cabinets, appliances, and more, but you’ll probably be able to recognize the shape of the room and location of different appliances, unlike most major remodels.
Whether your main focus is resale or subjective value, Hertz Home Remodeling has everything you need for your next home improvement project. Contact us today to learn more!
